Operational analytics is a critical part of the modern business world. Not only does it ease workflow and daily operations. But it also allows for quicker and more accurate decision-making across the board.
Read on to discover the four things you need to know about operational analytics.
Operational Analytics: What Is It?
Data-driven decision-making has always been something that companies strive for. However, in recent years it has become more and more possible for companies to do this. From small local businesses to major corporations, everyone is now able to use operational analytics to make better, data-driven decisions. Data is now more valuable and more usable than ever before.
How It Works
Operational analytics work when companies meticulously store their data in a way that allows for easy dispersal among all workplace platforms. Artificial intelligence and machine learning take care of the rest. The trick is setting up a data storage and dispersal system that can handle it.
How It is Unique
The uniqueness of operational analytics lies in the ability of non-data governing departments to use necessary data from within their own workplace tools. Allowing them to make informed decisions quickly and easily.
The Primary Pitfall of Operational Analytics
Operational analytics can be a useful catalyst for better decision-making and improved operations, but only if you know how to use it. The pitfall of this system is that it relies on systems being able to communicate with one another by syncing their data. Data syncing requires infrastructure that, if you are a smaller business, you may not have thought about implementing yet.
Getting all of your workplace platforms to communicate with one another can be challenging on your own. Luckily, there are plenty of ways to accomplish this, allowing even small businesses to capitalize on operational analytics.
Data Warehouses are the Hub for Operational Analytics
It all starts with a data warehouse. If you don’t have something like Bigquery or Redfish, you should get it. Otherwise, you will be stuck dealing with data silos and an unorganized mess.
Once you have ascertained a primary data warehouse. The next step is figuring out how to get all of the data from each department’s software tools and platforms into it. Don’t make your data team do this manually. That is tedious and unnecessary. For all of your data from different platforms to get transferred into your data warehouse, you will need to implement an ETL.
ETL stands for extract, transform, and load, and it does exactly that. It extracts all of the data your company obtains, cleans and organizes it, and loads it into your primary data silo.
Once your data is in the silo, how do you get it out? It’s as simple as putting a reverse ETL in place. This completes the workflow system and sends your data to the appropriate channels. That way, it will always be there when your employees need it.
The Benefits of Operational Analytics
Data-driven decision-making and a proper flow of said data can work wonders for your business. Here are a few benefits you can expect to receive once you implement this into your systems.
Improved Customer Service
When you use operational analytics to have your data warehouse communicate with your customer relationship management platform, you can expect to see quick improvements in how your company interacts with customers.
Improved Product Development
Having data interact with operational platforms is also a great way to begin developing products based on the information you may have been missing. This could mean cutting costs, creating more consumer-desired products, and even quicker production.
Quicker Decision Making
In the past, making large strategic decisions may have required weeks of debate and contracted consulting teams, not to mention loads of stress. With operational analytics and easy access to critical data, the decision makers of your company will now have an easier time than ever before making game-changing decisions for the better.
Eliminates Data Silos
This was mentioned earlier, but it cannot be stressed enough. Eliminating data silos makes everyone’s job much easier, less stressful, and more fulfilling. Everyone loves to do good work.
Increases Company-Wide Efficiency
With this newfound ease of collecting and using data within every workplace platform, you will notice a company-wide increase in efficiency. From decision-making down to daily menial tasks. In fact, many lesser tasks may be able to become automated by operational analytics.
Allows for Data Automation
With your systems being able to communicate this way, the things you can do with automated data are endless. You just have to be creative and let your data team take care of the rest.
The Bottom Line
Operational analytics allows for communication between systems to improve decision-making, increase company-wide efficiency, and lessen daily workloads. All you have to do is set up the appropriate infrastructure and sit back and let the data do the work.